Uptick in demand lifts turmeric 3.17%

Traders enlarge positions as restricted supplies from producing belts fuel uptrend

 

Turmeric futures climbed 3.17 per cent to Rs 8,714 per quintal in futures market today as traders enlarged positions on the back of rising demand in the spot market.

At the National Commodity and Derivatives Exchange, turmeric for delivery in November month surged by Rs 268, or 3.17 per cent to Rs 8,714 per quintal with an open interest of 19,480 lots.

The December contract shot up by Rs 266, or 3.06 per cent to Rs 8,970 per quintal in 4,130 lots.

Analysts attributed the sharp rise in turmeric futures to surging demand in the spot market amid restricted supplies from producing belts.

Some exports inquiries also supported the upside, they said.